Author: David Indeje

President Uhuru Kenyatta on Wednesday told financial and lending institutions to allow a moratorium of 12-month on payment of instalments in respect of all term loans outstanding as from October 2020 to date.  Kenyatta disclosed that besides having offered a reprieve of six months from April to September 2020, particularly to MSMEs during the pandemic period,  they continue to struggle following the adverse effects of the pandemic.  The directive applies to loans worth less than KSh 5million.  “I further order the National Treasury, in consultation with all stakeholders, to secure the following additional measures to provide further space to the…

Kenya’s National Treasury has been directed to increase the threshold for the reporting of cash transactions with the Financial Reporting Centre (FRC) from the current Ksh 1 million (USD10,000). The directive from  President Uhuru Kenyatta will be applicable to both withdrawals and deposits by bank customers. According to the president, the current reporting framework has not been facilitative of the operations of micro-small and medium enterprises (MSMEs) and has to some extent inhibited their growth. “Cash remains an important payments channel for medium, small and micro enterprises, representing 80 per cent of all their transactions,” President Kenyatta said. He was…

With Kenya recording, a steady decline in COVID-19 positive cases, President Uhuru Kenyatta lifted the nationwide dusk to dawn curfew that was in place since March 2020 on Wednesday. President Kenyatta said infection rates had fallen, with less than 5 per cent of tests each day. “It is now time to shift our focus from survival to co-existing with the disease,” he told the nation during the 58th Mashujaa Day celebrations at the Wang’uru Stadium in Kirinyaga County. “I hereby order that the nationwide dusk to dawn curfew that has been in effect from March 27, 2020, be and is…

Japanese VC firm Kepple Africa Ventures says it will revoke its investment in Kenyan fintech startup Wapi Pay. This is after reports on Monday alleged that Wapi Pay founders, brothers Eddie Ndichu and Paul Ndichu, were allegedly accused of assaulting two women in Nairobi’s Ole Sereni Hotel. ‘’In light of the alleged assault on women by the founders of our portfolio company Wapi Pay, we Kepple Africa Ventures hereby announce that we have zero tolerance on such conduct and announce that we will relinquish all the rights of our investment stake in Wapi Pay.’’ General Partner Satoshi Shinad said in…

I&M Bank customers will now have access to digital banking services and products via an omni channel experience. In order to facilitate and enable a seamless banking experience for customers, I&M Bank Kenya has partnered with Backbase, a global digital banking software provider. Dubbed I&M On The Go (OTG), the platform will support customers to access all the bank’s products and services in real-time through mobile banking and internet banking. In addition, it will allow them to transact through the bank’s website, mobile app, call center and the bank’s branches.   https://twitter.com/imbankke/status/1450019443468382209?s=20 The focus of the digital transformation for I&M Bank…

Kenya has outperformed the global average in female representation in boardrooms according to the latest 2021 Board Diversity and Inclusion Survey Report. According to data by the Kenya Institute of Management (KIM), gender diversity in Kenyan boardrooms now stands at 36 per cent, a significant increase from 21 per cent in 2017.  In comparison, the global average of women holding board positions stands at 23.3 per cent, up from 20.4 per cent in 2018. The 2021 Board Diversity and Inclusion Survey Report explored diversity beyond gender and age to other variables such as education, professional background, nationality, ethnicity and religion.…